Write the word or group of words that identify each of the following statements. 1.A partner who has financial interest in the firm, not known to be a partner, but takes active part in the management of the firm. 2. The government body which is in charge with administering the various laws affecting partnerships and corporations in the Philippines.
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. Write the word or group of words that identify each of the following statements.
1.A partner who has financial interest in the firm, not known to be a partner, but takes active part in the management of the firm.
2. The government body which is in charge with administering the various laws affecting
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- Refer to Chapter 11-1A, page 619: Characteristics of sole proprietorships, partnerships, and corporations Required The three primary types of business organization are proprietorship, partnership, and corporation. Each type has characteristics that distinguish it from the other types. In the left column of the following table write the name of the type of business organization that is most likely to possess the characteristic that is described in the right column of the table. The first item is shown as an example. Business Type Characteristic Proprietorship Owned and operated by a single individual Subject to double taxation Has a retained earnings account on its balance sheet One owner may be held personally liable for actions taken on behalf of the business by different owner Profits benefit a single individual Frequently uses legal agreements to define profit distribution for two or more owners Most highly regulated form of business The business dissolves with the death of its only…# 1 - Analyze, in brief, the rights of general partners. #2- How can a corporation incorporated in one state conduct interstate commerce? #3- Explain the effect of the Sarbanes-Oxley Act on corporate governance.In the context of the various forms of business ownership, discuss the two basic types of partnerships. Briefly discuss domestic, foreign, alien, private, and public corporations.
- Subject: Law on Partnership and Corporations 1. Distinguish between articles of incorporation and by-laws 2. What are the similarities between Corporation and Partnership. 3. What are some of the causes of vacancy in the office of director or trustee? How can the vacancy be filled up? 4. Discuss briefly the kinds of powers that a corporation can exercise. 5. What is an Ultra Vires act? How is it different from an illegal act? Explain4. Forms of business organizations Businesses can be classified into the following forms: sole proprietorship, partnership, corporation, limited liability company (LLC), and limited liability partnership (LLP). Different forms of businesses have different characteristics. Which of the following characteristics would apply to a partnership? Check all that apply. O Subject to unlimited personal liability O Taxed at individual level O Chartered by a state and is its own legal entity separate and distinct from its owners and managers O Income is allocated on a pro rata basis O Legal arrangement between two or more people O Can easily raise large amounts of capital You come across different kinds of businesses every day. The following table describes some businesses. Using the description of each business, classify it as a sole proprietorship, a partnership, a corporation, or a limited liability company/limited liability partnership. Business Scenario Type of Business Andrew founded and…Determine whether each describes a sole proprietorship, a general partnership, or a corporation. Note that a characteristic may apply to more than one type of business structure. : View the image for the table to help answer.
- Give the pros and cons of using partnership, corporation and any other forms in establishing own accounting firm.Which of the following statements is most true? a. The liability for other partners’ wrong doings is limited to the amount a particular partner has invested in the partnership. b. Partnerships are formed in accordance with specific guidelines that include the filing of a formal written agreement to the government. c. A fast growing firm would be more probable to establish a partnership as its business form than would a slow growing firm. d.Corporations can easier attract investors than those of the partnership and sole proprietor businesses.1. A friend asks you to help them organize and establish a business corporation to be based in Kabacan. A. What is the title of a document will you prepare? B. To what office and place would you advise they submit the said document for processing? C. From what code/law will you base the form and substance of the above named document?
- Which business organization has the most legal formality requirements? a. Corporation b. Partnership c. Joint Ventures d. Sole proprietorshipThe following are examples of related party transactions except *a. Extending credit to officers or directors or to entities that are owned or controlled by officers or directorsb. Deposit and other transactions with directors, officers, or affiliated entitiesc. Expense allowances given to executivesd. Guarantee loans to, or the financial performance of, an affiliated entityAnswer the following questions on any piece of paper.1. What is a joint venture?2. Distinguish Joint venture from joint consortium and joint arrangement?3. How would you account for Joint venture?4. Can an individual enter into a joint venture with a corporation? how do you account for that?5. Distinguish partnership vs. joint venture6. Can an entity go into a joint arrangement with the government? how do you account for that?7. What is a Built Operate Transaction?8. If both big companies enter into a joint venture, will that signify unfair competition? explain briefly.9. Is there a limit to a number of corporation that can enter into a JV?10. What are the legal requirements to enter into a JV?11. Can a JV use equity method of accounting? how bout the share of net income of each individual corporation, how would you account for that?12. Can a foreign company and a domestic company enter into a JV? what are the requirements?13. How would you report in case a JV entered into by a foreign…